Concierge service for ultra-rich warns over future as losses mount
A LUXURY concierge company co-founded by the Queen’s nephew has raised concerns over its future amid mounting losses.
Ben Elliot’s Quintessentially, which provides exclusive services to the super-rich, said in recent filings that a “material uncertainty” exists around its ability to continue as a going concern.
The warning comes as Quintessentially takes part in a trade mission to Saudi Arabia, where UK businesses aim to attract billions of pounds in investment from the oil-rich state.
Mr Elliot, a former chairman of the Conservative Party, has joined senior ministers on the trip, including Lucy Frazer, the Culture Secretary, Michelle Donelan, the Science Secretary, and Oliver Dowden, the Deputy Prime Minister.
Darren Ellis, the group chief executive of Quintessentially, is also in attendance as part of a delegation of 300 business leaders. Delayed results published over the weekend show
Quintessentially narrowed its losses to £4.1m in 2023, compared with £12.9m a year earlier.
The business is being overhauled after a challenging pandemic.
A recent restructuring saw staff numbers cut and the business’s corporate structure simplified.
Bosses are hopeful that the changes will help group-wide revenues exceed £50m in 2024, bringing the business back to its pre-pandemic size.
Mr Ellis said that trading continues to improve at the company, which is targeting profitability for the coming year. However, in its latest annual report, which largely covers the group’s Uk-wide operations, Quintessentially raised concerns over its future “given the level of uncertainty which still exists”. Bosses said there is a risk that “business returns could be materially less than forecast”, which could require the company “to obtain external funding which may not be forthcoming”.
They added: “However, the directors consider that should the need arise they could obtain the necessary [funding] and hence have prepared the financial statements on a going concern basis.”
Quintessentially’s finances have been bolstered in recent years by an outstanding £12.5m loan from World Fuel Service Europe, its largest shareholder. Debt interest costs rose to £1.13m last year, up from £734,000 in 2022.
The business was founded in 2000 by Mr Elliot alongside Aaron Simpson and Paul Drummond.
Quintessentially’s business revolves around securing clients’ access to exclusive events. The company’s network of elite connections has led to its negotiating entrance to Downing Street and Buckingham Palace, with clients paying an annual subscription fee for the privilege.